The local share market has largely outperformed regional peers this week, with deal making and positive trading updates providing the catalyst, offsetting general weakness across gold stocks attributable to the effects of inflation and labour shortages.

Which shares excelled?

In the news this week, Sayona Mining (ASX: SYA) surged higher on Tuesday as the company announced a deal that will see it restart lithium production at the North American Lithium operation. Sayona has a 25% stake in this project, and with a budget now set, management expects the first spodumene concentrate to be produced at the project in Q1 2023. Should all go to plan, the project would represent North America first local supplier of spodumene concentrate.Sticking with the lithium theme, there was big news for Liontown Resources (ASX: LTR) this week as it detailed an offtake agreement with US auto giant Ford. As part of the deal, Liontown will supply Ford with up to 150,000 dry metric tonnes (DMT) per annum of spodumene, with an initial term of five years from commercial production, due 2024. At the same time, the company also secured $300 million in debt finance from Ford, allowing management to give the green light to its proposed Kathleen Valley Lithium Project.Delivering its FY22 results this week, fast food operator Collins Foods (ASX: CKF) pleased its shareholders with a strong set of numbers. Underpinned by growth in its European markets, the KFC franchisee grew revenue by 11.1% to $1.18 billion, with underlying net profit rising by 25% to $59.7 million. That allowed management to hike the company dividend by 17.4%.In a big vote of confidence for its credentials, cancer immunotherapy biotech Imugene (ASX: IMU) reported a positive and favourable survival outcome from its phase two study of its HER-Vaxx targeting advanced gastric cancer. Among the key findings, the company reported a reduced risk of death in 41.5% of patients treated with its treatment, and a median overall survival for patients some 5.6 months greater than chemotherapy alone.Beach Energy (ASX: BPT) has also been a positive story this week as it clawed back some of its recent losses when the price of oil pulled back from above US$120 per barrel. And among other winners, shareholders of Tulla Resources (ASX: TUL), Tassal Group (ASX: TGR), and coal duo Whitehaven Coal (ASX: WHC) and New Hope Corporation (ASX: NHC) will be pleased with their returns.

Which shares dragged on the market?

Sending a shockwave through the gold sector, Evolution Mining (EVN) slashed its full-year production guidance for FY22 amid project delays, inclement weather, and COVID-related staff shortages. The company now anticipates 640,000 ounces of gold, while group production for FY23 and FY24 has also been cut back. Management also reported inflationary pressure is taking its toll. Amid the various headwinds, shareholders dumped shares in EVN in droves.The impact of Evolution Mining downgrade was also felt by various other gold producers this week, including those with nearby operations given a number of its issues ultimately stem from industry-wide challenges. Combined with a fall in the price of gold, there were sharp pull-backs across gold stocks like Northern Star Resources (ASX: NST), Ramelius Resources (ASX: RMS), and Silver Lake Resources (ASX: SLR).One week after its landmark deal to bring in Stellantis as a leading shareholder, Vulcan Energy Resources (ASX: VUL) shares buckled under a wave of selling pressure. While not the only battery metals stock in the red this week, some of Vulcan peers have fared much better, which suggests that some tax-loss selling could have played a part in the stock decline this week.On the back of a capital raise, Carsales (ASX: CAR) is one of this week underperforming names as shareholders recalibrate their expectations. With plans to acquire Trader Interactive, the business raised $842 million from an institutional entitlement offer, and it has now launched a retail entitlement offer where it hopes to secure an additional $365 million in capital at $17.75 per share.Elsewhere, renewed volatility in overseas markets, just as tech shares posted a strong result last week, weighed on sentiment for fund manager stocks. Insignia Financial (ASX: IFL) and Magellan Financial (ASX: MFG) have both traded lower this week, with investors likely cautious about the risk of further fund outflows from nervous clients.And lastly, a couple names from the tech sector have underperformed as the Nasdaq recorded its fourth consecutive negative session overnight. Community favourite and AI chip producer Brainchip (ASX: BRN), which is also listed on US markets, hit its lowest level since the start of the year, while accounting software firm Xero (ASX: XRO) has shed much of its gains from last week when it bounced off a two-year low.

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!